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Course Syllabus

Master 2023/2024

Alternative Investments

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Type: Compulsory course (Master of Finance)
Area of studies: Finance and Credit
Delivered by: HSE Banking Institute
Where: HSE Banking Institute
When: 2 year, 1 module
Mode of studies: distance learning
Online hours: 20
Open to: students of one campus
Instructors: Anatoly Potashov
Master’s programme: Finance
Language: English
ECTS credits: 6
Contact hours: 12

Course Syllabus

Full SyllabusAsk Question

Abstract

Asset management industry is currently undergoing a major transition: institutional and individual investors have suffered from massive capital losses from “traditional” investment products like long-only mutual funds and pension funds with benchmark-related performance targets during the Global Financial Crisis (GFC) 2008-09 and now they are moving asset allocation tilt towards alternative investment (AI) strategies managed under absolute return objective and less correlated with the price movements of major asset classes. Hedge funds industry as well as private equity, venture capital, credit derivatives, commodities trading and real estate assets under management (AuM) are growing rapidly. This Alternative Investments (AI) course makes a quick hands-on introduction into alternative investments products and strategies, risk-return comparative analysis of hedge funds against “traditional” investment funds and explores the role of AI in the diversified investment portfolio. AI course is focused on major hedge funds strategies and their risk/return profiles along with risk management techniques for the portfolio of hedge funds. Program of the course has a strong bias towards “real life” applications of simple multi-factor econometric model (via Microsoft Excel Data Analysis Toolpack) where students train financial advisor's day-to-day skills. The course structure and content are derived from well-known Chartered Alternative Investment Analyst (CAIA) and Chartered Financial Analyst (CFA) programs.
Learning Objectives

Learning Objectives

  • Alternative investments course provides major principles behind hedge funds, commodities, private equity and venture capital, and digital assets investing. You will develop financial modeling and valuation skills while making your own investment recommendations
Expected Learning Outcomes

Expected Learning Outcomes

  • Understand risk and return profiles of asset classes that comprise investment universe.
  • Learn Hedge Fund Structure and some condition terms of Hedge Fund investments.
  • Understand the key principles of different types of Hedge Fund strategies.
  • Examine the issues related to Hedge Fund investments.
  • Learn the risk management conducted in Hedge Funds.
  • Understand the key differences between different types of Commodity Derivatives
  • Learn what is the benefit of investing in Gold
  • Explain the risk and return profile of Commodities
  • Study Commodities Valuation approach
  • Learn the benefits of Commodities in a portfolio
  • Distinguish between different types of Real Estate
  • Understand the key features of Real Estate investments
  • Apply the valuation approaches in Real Estate
  • Learn the key benefits of investing in REIT
  • Learn Private Equity investment and exit strategies
  • Learn Fund Performance Metrics
  • Practice Valuation Approaches in Private Equity
  • Understand the key features of Venture Capital investments
  • Learn about the VC investment process
  • Learn different VC Investment Valuation Methodologies
  • Calculate Post-money valuation
  • Understand the key features of Digital Assets and Decentralized Finance
  • Distinguish between different a consensus algorithm
  • Understand Valuation Approaches in Digital Assets
  • Learn the risks and regulation issues in Digital Assets
Course Contents

Course Contents

  • Hedge Funds
  • Commodities and Derivatives
  • Real Estate and Infrastructure
  • Private Equity and Private Credit
  • Venture Capital
  • Digital Assets
Assessment Elements

Assessment Elements

  • non-blocking quiz 1
  • non-blocking quiz 2
  • non-blocking quiz 3
  • non-blocking quiz 4
  • non-blocking quiz 5
  • non-blocking quiz 6
  • non-blocking Mid Term Exam – Real Estate valuation model
  • blocking Final Project – LBO valuation model (group assignment)
Interim Assessment

Interim Assessment

  • 2023/2024 1st module
    0.6 * Final Project – LBO valuation model (group assignment) + 0.1 * Mid Term Exam – Real Estate valuation model + 0.05 * quiz 1 + 0.05 * quiz 2 + 0.05 * quiz 3 + 0.05 * quiz 4 + 0.05 * quiz 5 + 0.05 * quiz 6
Bibliography

Bibliography

Recommended Core Bibliography

  • Ceccagnoli, M., Higgins, M. J., & Kang, H. D. (2018). Corporate venture capital as a real option in the markets for technology. Strategic Management Journal (John Wiley & Sons, Inc. ), 39(13), 3355–3381. https://doi.org/10.1002/smj.2950
  • Filbeck, G., & Baker, H. K. (2013). Alternative Investments : Instruments, Performance, Benchmarks, and Strategies. Hoboken: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=561429

Recommended Additional Bibliography

  • Bodie, Z., & Merton, R. C. (2012). Finance. Slovenia, Europe: Prentice Hall. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.854D85E7
  • Ruediger Kiesel, Rudi Zagst, & Matthias Scherer. (2010). Alternative Investments And Strategies. World Scientific.

Authors

  • ODINTSOVA ULYANA ALEKSANDROVNA
  • Potashov Anatoliy Igorevich
  • ELIZAROVA IRINA NIKOLAEVNA